The market remains influenced by disputes within President Alberto Fernández’s ruling coalition and the international crisis that triggered Russia’s invasion of Ukraine.
Argentina has just closed an agreement with the International Monetary Fund (IMF) to postpone the expiration of debt for some 44,000 million dollars, with the guarantee of the entry of fresh funds for the hit reserves of the central bank (BCRA).
The government is developing a bill that would give the local oil and gas industry incentives to increase investment in domestic production, including facilitating access to foreign exchange markets, according to the document seen by Reuters and various sources.
External benchmark stocks advanced in line with the performance of their peers in New York, following the release of a US labor market report, which underscored solid momentum in the world’s largest economy.
Bonds and country risk
On Thursday, dollar bonds ended mixed in the third month of the year, despite the closing of the agreement with the IMF.
Analyzing by terms, the best performances were observed in bonds with shorter maturities (2029 and 2030), which rose between 2.1% and 0.5%. For their part, the longest maturities, in the best of cases, appreciated 0.3% (AL35D) and a slight 0.1% (AL41D).
The bonds that operated with losses during March were the Global 2035 (GD35D), with a fall of 0.5% and the Bonar 2038 (AE38D), which lost 2.5%.
The weighted average price of the global ones was above US$33 for the fourth consecutive session. The indicator rose to US$33.67 and the weighted average rate stood at 20.10%. Thus, with the recovery of the last week, the global ones managed to turn around the balance of March, putting an end to the negative streak of the last two months.
The country risk prepared by the JP Morgan bank fell 0.5% 4.6% to 1,720 points.
Regarding the segment of pesos, the bonds that adjust based on inflation (also known as CER titles) ended the month with general increases, given the acceleration of the CPI for February (4.9%), data that was known at the middle of March.
Among the bonds with the best returns, Par (+9.5%) stood out; the Boncer 2028 (+7.7%); and Consolidation (PR13, which gained +7.5%).
Meanwhile, dollar-linked donations closed with increases, although to a lesser extent, about 2% on average, led by TV22 (+2.5%).
Source: Ambito
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